look news india
New Delhi: This morning, fintech firm One 97 Communications Limited announced its March quarter results. The company told the stock market that its net loss in the March quarter has reached Rs 550 crore. In the same period a year ago, the company had a loss of Rs 167.5 crore.
Talking about the full business year, the company's loss reduced to Rs 1,422.4 crore in the year ended March 31, 2024. Paytm recorded a loss of Rs 1,776.5 crore in FY23.
Apart from this, Paytm's operating revenue fell by 2.8 percent to Rs 2,267.1 crore in the fourth quarter of FY 2024, from Rs 2,464.6 crore in the same quarter of FY 2023.
However, Paytm's annual revenue is expected to grow nearly 25 per cent from Rs 7,990.3 crore in FY23 to Rs 9,978 crore in FY24.
Why is the company's financial condition deteriorating?
The Reserve Bank of India (RBI) has barred Paytm Payments Bank Ltd from accepting deposits, credit transactions or top-ups in any customer account, wallet and Fastag from March 15. This decision of RBI has also affected the financial performance of the company.
Following the ban imposed by RBI, Paytm had estimated that the company would suffer a loss of Rs 300-500 crore due to the RBI decision.
Paytm expects strong revenue growth and improved profitability from Q2FY25. The company is focusing on expanding distribution of financial products and enhancing customer retention and service through bank partnerships.
Paytm Stock Performance
If we talk about Paytm shares, even today the company's shares have fallen by 5 percent. Till the time of writing the news, Paytm's share price was Rs 346.40 per share. In the last one month, the company's shares have given a negative return of 8.34 percent.
Along with this, the company's shares have given a negative return of 51.01 percent to the investors in 1 year. According to the BSE website, the m-cap of Paytm's parent company One97 Communications Limited is Rs 10,785.46 crore.